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Financial Mathematics Review Questions with Complete Solutions Rated 100% $7.99
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Financial Mathematics Review Questions with Complete Solutions Rated 100%

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Financial Mathematics Review Questions with Complete Solutions Rated 100% simple interest - Answers if the interest charged is base merely on the principal but is paid at the end of the term focal date - Answers the point on the timeline when several pieces of money are valued in order to compar...

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  • October 19, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
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  • financial mathematics review questions with compl

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  • Financial Mathematics
  • Financial Mathematics

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Financial Mathematics Review Questions with Complete Solutions Rated 100%

simple interest - Answers if the interest charged is base merely on the principal but is paid at the end of
the term

focal date - Answers the point on the timeline when several pieces of money are valued in order to
compare or add them (t=0)

time value of money - Answers the principle that, because of interest, the value of a given piece of
money changes as its location in the timeline changes, increasing when moved to the future and
decreasing when moved to the past

interest - Answers cost or charge for the use of borrowed money

principal - Answers amount of money invested or borrowed

interest rate - Answers percent of the principal that is the basis for the interest

term - Answers length of the loan in time units corresponding to the rate

promissory note - Answers document on which one party (the payer) writes his of her promise to pay
another party (the payee)the principal and interest for a loan due at some date in the future

maturity date - Answers the date that a promissory note or other maturing security must be repaid

maturity value - Answers the amount of money the borrower will pay back (principal + interest)

I = - Answers Pit

S = - Answers P(1 + it)

P = - Answers S/ (1 + it)

exact time - Answers everyday of the term except the first day (subtracting serial numbers)

approximate time - Answers each month is assumed to be 30 days

ordinary interest - Answers the length of a year is assumed to be 360 days

exact interest - Answers the length of a year is taken as 365 days

Banker's Rule - Answers exact time and ordinary interest; find serial numbers and subtract to find total
number of days then divide by 360 to find time

golden rule of finance - Answers monies cannot be added of compared unless they are valued at the
same point in time

average due date - Answers the date at which a single payment equal to the sum of several obligations
will discharge those obligations; not a function of the interest rate unless it is zero

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